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Mar 4, 2013
03/13
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CSPAN
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the whole purpose of sequestration is deficit reduction. he is testifying it will slow that because of the impact on jobs and incomes. there has been testimony today the impact on gdp would be roughly a quarter of a percentage point. it is estimated it will contribute about 0.6% to a fiscal drag on the economic growth this year. i would like to hear your comments in relation to what chairman ben bernanke was saying about the idea of phasing it in overtime, having targeted reductions, the democratic minority keeps putting forward closing loopholes. let's not fire all these people that are paying their taxes, a part of an economy dredging our money back into the economy instead of having them on welfare and not being able to produce a part of the economy. this is turned down by the republicans. there was an article this week in one of the papers where speaker boehner was quoted in saying, in terms of the tax debate, because we all support tax restructuring, that he would take closing loopholes if given a lower rate for taxes. it seems to me c
the whole purpose of sequestration is deficit reduction. he is testifying it will slow that because of the impact on jobs and incomes. there has been testimony today the impact on gdp would be roughly a quarter of a percentage point. it is estimated it will contribute about 0.6% to a fiscal drag on the economic growth this year. i would like to hear your comments in relation to what chairman ben bernanke was saying about the idea of phasing it in overtime, having targeted reductions, the...
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147
Jan 14, 2013
01/13
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KQED
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and japan famously has run deficits year after year. and it has a level of debt that is about twice what we've got as a share of gdp. and people have been predicting financial catastrophe for japan year after year for ten years or more. they've had downgrades. their debt was downgraded in 2002 by the major rating agencies. and everybody who believed those warnings and everybody -- has lost a lot of money. so it turns out that if you're an advanced country with its own currency and a reasonably stable government, you have a lot of running room on these things. so am i worried? yeah, i mean, i am worried about the u.s. fiscal situation 20 years from now. we do have a problem of health care costs and so on. but, you know, i'm worried about a lot of other things 20 years as well. i'm not sure that even if you take that long term perspective, that the budget should be at the top of your list of things to be afraid of. i'm a lot more afraid, actually, of the great -- the entire southwest of the united states turning into a dustbowl because of
and japan famously has run deficits year after year. and it has a level of debt that is about twice what we've got as a share of gdp. and people have been predicting financial catastrophe for japan year after year for ten years or more. they've had downgrades. their debt was downgraded in 2002 by the major rating agencies. and everybody who believed those warnings and everybody -- has lost a lot of money. so it turns out that if you're an advanced country with its own currency and a reasonably...
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Feb 27, 2013
02/13
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KQED
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sharp front loaded spending cuts required by the sequestration with policies that reduce the federal deficit more gradually in the near term but more substantially in the longer run. >> rose: i am pleased to have larry summers back at this table. >> good to be with you, charlie. >> rose: so first off, was -- what do you believe will be the impact if as most people now believe the sequester takes effect? >> nothing good, charlie. macro economically it will take too much demand out of the economy, cost hundreds of thousands of jobs. it will disrupt everything from aids clinics to preschool programs, from our ability to deploy our fleet in the mediterranean and pacific to our ability to efficiently enforce taxes. >> rose: all because of -- >> it is a mistake. >> rose: we will get to that but all because of $85 billion, all those things will be affected? because this is a huge, huge economy. >> it is a big economy, but $85 billion is a lot of money. it is not $85 billion over a year, it is $85 billion over seven months, so it is like $170 billion over a year, and it is not out of a whole economy
sharp front loaded spending cuts required by the sequestration with policies that reduce the federal deficit more gradually in the near term but more substantially in the longer run. >> rose: i am pleased to have larry summers back at this table. >> good to be with you, charlie. >> rose: so first off, was -- what do you believe will be the impact if as most people now believe the sequester takes effect? >> nothing good, charlie. macro economically it will take too much...
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Apr 30, 2013
04/13
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CSPAN2
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why should we expect the huge deficit to help us? >> chris van hollen? >> it does matter. there are some investments that provide a greater return in terms of our future. i would argue infrastructure ve, investment in education is important, science and research at the early stage is very important. we also know that in this period where you have all this slack, you have trillions of dollars on the sidelines primarily because the lack of demand moving forward and making these disasters now and help the economy in the short term and the long term. i should say that i do believe we should also act now to put in place balanced approach for long-term deficit reduction. i am not saying wait to do that but it should be phased in over a longer period of time. most of the real demographic push comes eight, nine, ten years out. it pays to face those changes in on the health care side that we talked about, but it is very shortsighted to cut deeply in individual investors. a drag on the economy and hurts the long-term economic growth. >> there is plenty of savings, we are short on ti
why should we expect the huge deficit to help us? >> chris van hollen? >> it does matter. there are some investments that provide a greater return in terms of our future. i would argue infrastructure ve, investment in education is important, science and research at the early stage is very important. we also know that in this period where you have all this slack, you have trillions of dollars on the sidelines primarily because the lack of demand moving forward and making these...
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Jan 17, 2013
01/13
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CSPAN2
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we have an education deficit. we have skill development deficits closely related to education. we have an infrastructure development and repair deficit of e mori nows -- enormously important pace of proportions, and look at other countries from the recession and countries with very different political systems than ours to see the close relationship that infrastructure investment and development have on the likelihood and pace of recovery from a severe, global downturn. we also have, if not a deficit, an important urgent need to address the issue of energy and independence and opportunity that's sitting right in front of us ready to be advanced in the next year or two, but that requires leadership and initiative in washington and immigration reform, again, the subject that was discussed before. one more word, finally, about the process. for this, i go back to an earlier part of my life as a professor of law and one of the subjects i taught every year was negotiation. negotiation of a variety of contacts from international to commercial and transactional to labor management dispu
we have an education deficit. we have skill development deficits closely related to education. we have an infrastructure development and repair deficit of e mori nows -- enormously important pace of proportions, and look at other countries from the recession and countries with very different political systems than ours to see the close relationship that infrastructure investment and development have on the likelihood and pace of recovery from a severe, global downturn. we also have, if not a...
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Feb 24, 2013
02/13
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CSPAN2
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so a strong lip service of -- aversion to deficits, and the response of this crisis did blow up the deficit to levels that we never imagined possible, and that certainly didn't do it any good. and then, finally, most controversially -- and i'm sure the president of the united states doesn't agree with this -- but in my view it wasn't just that he didn't focus like laser beam on the economy. remember the old bill clinton strategy, saying in 1992 when the economy was nowhere near as bad as the one barack obama inherited, he was doing so many things at once. i mean, give him credit, he accomplished an incredible amount of stuff. but one result of that is it was very hard for the american electorate to see the forest with all these trees popping up. like, what did health care reform have to do with getting people back to work? the answer is not anything really. although it was a good thing to do in its own right. in my view, not in everybody's view. and so you had people watching this burst of act -- activity in 27 directions at once and not perceiving the really excellent job that the obama te
so a strong lip service of -- aversion to deficits, and the response of this crisis did blow up the deficit to levels that we never imagined possible, and that certainly didn't do it any good. and then, finally, most controversially -- and i'm sure the president of the united states doesn't agree with this -- but in my view it wasn't just that he didn't focus like laser beam on the economy. remember the old bill clinton strategy, saying in 1992 when the economy was nowhere near as bad as the...
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Feb 22, 2013
02/13
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CSPAN2
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it is bad to have a budget deficit. franklin roosevelt railed against that against herbert hoover, for example. if you look at the polling data, you also see there was a single exception of spending on international affairs. foreign aid, single exception, americans oppose every single thing that might reduce the deficit. and if any piece of spending and plurality and the majority of americans in this. the response to this crisis to blow up two levels of debt that we never imagined possible, that certainly did not do us any good. most controversially, and i'm sure the president of the united states does not agree with us, but in my view, it wasn't just that he focused on the laser beam of the economy. the economy was nowhere near as bad as the one barack obama inherited. he was doing so many things at once. he accomplished an incredible amount of stuff. but one result of that was it was very hard for the american electorate to see all of these things popping up. like with good health care reform have to do with getting p
it is bad to have a budget deficit. franklin roosevelt railed against that against herbert hoover, for example. if you look at the polling data, you also see there was a single exception of spending on international affairs. foreign aid, single exception, americans oppose every single thing that might reduce the deficit. and if any piece of spending and plurality and the majority of americans in this. the response to this crisis to blow up two levels of debt that we never imagined possible,...
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Jul 1, 2013
07/13
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KNTV
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what we need to do is get our economy growing faster than 2%, we need a deal with the deficit. the only way you are going to do that is bipartisan compromise. we need a immigration bill, a tax reform that lets us raise the revenues we need and be competitive. we need to reform medicare and social security. so, we need more -- we need more action from congress and the executive branch. >> in terms of fiscal policy. why is it so -- you are a business guy first, you were there in government, you know how it with works. why is it so difficult to get tax reform going and immigration agreement? >> to me, that is really the question. i think the fed has been asked to do a lot, because the rest of the government is doing very little. frankly. and that -- so we need some of the other things and we have to win challenges and they go together and they are the need for more growth and for more actions to deal with -- with the debt problem, with the deficit. >> people would see the mortgages move to the private sector. 90% are issued by fanny and freddie. >> yep, at the time of the crisis,
what we need to do is get our economy growing faster than 2%, we need a deal with the deficit. the only way you are going to do that is bipartisan compromise. we need a immigration bill, a tax reform that lets us raise the revenues we need and be competitive. we need to reform medicare and social security. so, we need more -- we need more action from congress and the executive branch. >> in terms of fiscal policy. why is it so -- you are a business guy first, you were there in government,...
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Apr 7, 2013
04/13
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CSPAN2
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in ways that really come against the borders of imposing politics too much saying we need to cut our deficit right now. if we don't very bad things can happen. now we have seen for years almost as stagnant growth and that is what he we advocate is part of the reason. >> host: so he is a c. >> guest: he is a c minus. >> host: at a lot of it has to do with outcomes. people feel better about bernanke almost an obviously is important in the united states and the u.s. economy has done okay. we are not in a recession any longer. the british economy you point out is in the tank in europe is not doing that well. how much do you think these guys get more blame or credit? >> guest: is important to remember a central banker, his tools are limited. the central banker can't control everything that goes on in the economy. >> host: really? >> guest: so it's very important what they do and they really do shape the course of the economies and of the world. that that said, at the end of the day they do have finite power. when you really boil it down they have a dial and they can say we are going to put more m
in ways that really come against the borders of imposing politics too much saying we need to cut our deficit right now. if we don't very bad things can happen. now we have seen for years almost as stagnant growth and that is what he we advocate is part of the reason. >> host: so he is a c. >> guest: he is a c minus. >> host: at a lot of it has to do with outcomes. people feel better about bernanke almost an obviously is important in the united states and the u.s. economy has...
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Apr 14, 2013
04/13
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CSPAN2
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aren't they making it easy to run deficits? is this the same mistake as before? are they running roast? >> guest: they're definitely running rest. when they first started doing quantitative easy, using it to buy bonds and pumping money into the economy. they've been doing it to finish it does make him a starter 2009. could this lead to inflation? absolutely? asset bubbles in a river that endanger financial stability down the road? that's why we the committee that meets eight times a year to assess the costs and benefits of policies. unpersuaded right now does not materializing. they need to be vigilant, but i understand it's difficult for sailors trying to rely and getting 0% on their bank accounts, but if that's what it takes to get the economy going, inflation has stayed quite contained. for nokia or his successor, whether he retires or steps down 10 months from now will be job number one. >> host: do you think in general the european economy in ours rely too much on the central bank said not enough another weapon to economic policy? >> guest: absolutely. i'm t
aren't they making it easy to run deficits? is this the same mistake as before? are they running roast? >> guest: they're definitely running rest. when they first started doing quantitative easy, using it to buy bonds and pumping money into the economy. they've been doing it to finish it does make him a starter 2009. could this lead to inflation? absolutely? asset bubbles in a river that endanger financial stability down the road? that's why we the committee that meets eight times a year...
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Jun 19, 2013
06/13
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FOXNEWSW
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because the illegals and the deficit. chevy would love it. this guy, not so much. hoo-hoo. hoo-hoo...hoo-hoo. hoo-hoo hoo. sir... i'll get it together i promise... heeheehee. jimmy: ronny, how happy are folks who save hundreds of dollars switching to geico? ronny:i'd say happier than the pillsbury doughboy on his way to a baking convention. get happy. get geico. fifteen minutes could save you fifteen percent or more. and i've been around the toughest guys in football. and now i'm training guys who leak a little to guard their manhood. with man style protection... whoa... of new depend shields and guards. who are you? this is my house. perfect. come with me. built you a little man space under here. how 'bout that. sweet. see depend shields and guards are made to fit guys. that's awesome. i trained that guy now it's your turn. go online for my tips to help guard your manhood. with new depend, shields and guards. ♪ >> jon: headlines might be glowing but my next guest is not buying the report that the immigration bill will do wonders for our deficit. heritage foundation presi
because the illegals and the deficit. chevy would love it. this guy, not so much. hoo-hoo. hoo-hoo...hoo-hoo. hoo-hoo hoo. sir... i'll get it together i promise... heeheehee. jimmy: ronny, how happy are folks who save hundreds of dollars switching to geico? ronny:i'd say happier than the pillsbury doughboy on his way to a baking convention. get happy. get geico. fifteen minutes could save you fifteen percent or more. and i've been around the toughest guys in football. and now i'm training guys...
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61
Feb 2, 2013
02/13
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CSPAN2
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we have massive deficits in social security and medicare and everybody knows it. nobody seriously wants to do anything about it. and that leads to a lack of personal responsibility. the lack of personal responsibility is by far the central issue in a tidy in today's personal responsibility. are you responsible for yourself or are you entitled to what somebody else produced? that is the fundamental issue in our society. the founding fathers talked about the abuse of individual rights, which they really worried about. but they also realized that pretty soon the party was up to 30% and they found 3% quit. just like the causes philosophical, so insecure. life and liberty and the pursuit of happiness. each individual has a right to express personal happiness. they have the right to the product of their labor. if you produce a law, you get a lot. if you think about that moral prerogative, it demands personal responsibility. it demands and rewards rationality and self-discipline. life and liberty and the pursuit of happiness. let's talk about the birdie for just a moment
we have massive deficits in social security and medicare and everybody knows it. nobody seriously wants to do anything about it. and that leads to a lack of personal responsibility. the lack of personal responsibility is by far the central issue in a tidy in today's personal responsibility. are you responsible for yourself or are you entitled to what somebody else produced? that is the fundamental issue in our society. the founding fathers talked about the abuse of individual rights, which they...
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92
Dec 21, 2013
12/13
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BLOOMBERG
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eye 92
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it did reduce the deficit a little bit. it did it without raising taxes. it kept us from going into a government shutdown in january, but also in september of next year. and finally, it put the united states congress back on track to do appropriations bills. >> let me get to some of the things you want to do in just a minute, but, first of all, when you get back, staring you right in the face within a month or so is the debt ceiling. >> yep. >> democrats say clean debt ceiling, we don't want to rattle financial markets. you have said that this is a chance to get more serious. >> absolutely. >> what do you want to put on the debt ceiling? what's the condition for rob portman supporting the debt ceiling? >> what disappointed me in the budget agreement that i reluctantly supported, because i wanted to avoid another shutdown and for the other reasons we just talked about, is that it did not address the underlying problem. and it's so obvious. the problem is that two-thirds of spending, as you know, is on autopilot. that part of our spending goes to 76% in the
it did reduce the deficit a little bit. it did it without raising taxes. it kept us from going into a government shutdown in january, but also in september of next year. and finally, it put the united states congress back on track to do appropriations bills. >> let me get to some of the things you want to do in just a minute, but, first of all, when you get back, staring you right in the face within a month or so is the debt ceiling. >> yep. >> democrats say clean debt...
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218
Mar 21, 2013
03/13
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CNBC
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eye 218
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to balance the budget because the president and treasury secretary were worried about the long term deficit? does that sound familiar? at the exact same time, the fed tightened rates, doing what all the bears say bernanke should do, betting that inflation could rage and rage easily if the fed stayed easy, which is what his critics are saying he should do right now. but when we went down this road in 1937 it sent the economy into an amazing tail spin. causing a recession within a depression. it was an economic calamity that was totally avoidable if the people in power made different, smarter choices. especially the federal reserve. ben bernanke does not want history to repeat itself. he's not going down the path of what the fed did in 1937. he's not stupid. even though that's exactly the path unfortunately that the president and congress are taking. bernanke recognizes that obama and congress have repeated the errors of 1937 down to a tee. he can't let the fed's part in the drama be repeated. otherwise he'd go down as the fed chief who never got the economy going and put it back in a recessi
to balance the budget because the president and treasury secretary were worried about the long term deficit? does that sound familiar? at the exact same time, the fed tightened rates, doing what all the bears say bernanke should do, betting that inflation could rage and rage easily if the fed stayed easy, which is what his critics are saying he should do right now. but when we went down this road in 1937 it sent the economy into an amazing tail spin. causing a recession within a depression. it...
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124
Jan 15, 2013
01/13
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CSPAN2
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eye 124
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we don't have that kind of capability in the federal government to add the deficit. so you have to open the door to private investment to do this job of rebuilding the power platform in the united states. >> host: and the technology aspect of that is? >> guest: technology aspect is manifold. and price performance improves every 18-24 mocks. in the last year we have gotten into the innovation cycle in batteries so by the end of 2020 electric vehicles will actually be price competitive with grass-driven cars. the problem with these things is that we can't wait. we can't wait because of the environmental effects and we can't wait because we need the economy to grow quickly right now. so the book lays out a whole bunch of different ideas for bringing private investment much more quickly into the job of rebuilding the power grid. >> host: on this show, a series on the international power plant, and he doesn't necessarily agree that the internet is completely green or is terribly green. what is your thought? >> guest: he is right about that. people say that data centers in
we don't have that kind of capability in the federal government to add the deficit. so you have to open the door to private investment to do this job of rebuilding the power platform in the united states. >> host: and the technology aspect of that is? >> guest: technology aspect is manifold. and price performance improves every 18-24 mocks. in the last year we have gotten into the innovation cycle in batteries so by the end of 2020 electric vehicles will actually be price...
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95
Oct 30, 2013
10/13
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ALJAZAM
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eye 95
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a spur plus: now that's just one month and the deficit has not gone away but it helped narrow the deficit to just $680 billion. hey, don't laugh at that. that's the lowest since 2008, and it's a drop of 38% from the prior fiscal year. deficit spending widened during the recession, we know that. but it has since narrowed because of economic recovery, spending cuts and especially tax hikes because it took affect this year. bank of america said that the u.s. could file a civil lawsuit according to the wall street journal citing a regulatory filing. b. of a. losses could rise above $5 billion. big banks are facing a rash of legal action when the economy went south and the housing crash. >>> jennifer hudson, kathleen sebelius, and how the battle to save or kill obamacare is playing out to hollywood. we have that and more. keep it right here. >> kathleen sebelius faced tough questions over healthcare.gov , the glitchy website where millions of americans are supposed to buy coverage. they spent $118 million on the site and $56 million more on it support yet the system does not know how to give a
a spur plus: now that's just one month and the deficit has not gone away but it helped narrow the deficit to just $680 billion. hey, don't laugh at that. that's the lowest since 2008, and it's a drop of 38% from the prior fiscal year. deficit spending widened during the recession, we know that. but it has since narrowed because of economic recovery, spending cuts and especially tax hikes because it took affect this year. bank of america said that the u.s. could file a civil lawsuit according to...
151
151
May 10, 2013
05/13
by
CNBC
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eye 151
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the federal deficit is falling faster than anybody expected. meaning as secretary jack lew said, the debt limit won't be reached until september. by forecast, it will be later than get get this, uncle sam's budget gap is $231 less than a year ago. how will this amount ter debate in washington? we are back. the good news is the deficit is doming down coming down. my opinion is a lot is from tax hikes. one time. i do like the spending cuts. here's what i'm asking. will this take away the incentive and the intensity of making a deal on entitlements and tax reform because they're not going to have a debt limit to worry about for quite a while? >> i don't think so. i don't think this conversation has ever only been about the debt. i think the republicans politically needed to come in and play hardball. having watched flight delays and cuts to housing, things that they don't see ultimately super concerned about. i don't know what phil thinks. i think they look better than cutting a deal. that was the reason why sequester was a bad penalty if the idea
the federal deficit is falling faster than anybody expected. meaning as secretary jack lew said, the debt limit won't be reached until september. by forecast, it will be later than get get this, uncle sam's budget gap is $231 less than a year ago. how will this amount ter debate in washington? we are back. the good news is the deficit is doming down coming down. my opinion is a lot is from tax hikes. one time. i do like the spending cuts. here's what i'm asking. will this take away the...
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50
Oct 16, 2013
10/13
by
CSPAN
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eye 50
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that is how we address the deficit. the affordable care act will do that. the congressional budget office said it was going to do that. -- entitysan at city did not taken the health and wellness act. we will have a few hiccups as we go through implementation of the system. we were against the war in iraq. the bottom line, democrats and the minority leader went out and took it to them people in 2003, 4 and five. 2000 61 house and senate back. we tried to warn -- unwind the war in iraq then. to wind down the war in iraq. we went through the political process. we have got to get back to the regular order. have our fight, disagreements, set up affordable care act. set it up if it is so bad, it will fail. the republicans will win the senate back in 2014. they will win it back in 2014 and then you can delay it or defund it, whatever you want, but go through the political process. i respect very much your opinions and ability to keep them in a free republic, but you have to work it through the political process, and that is not it has happened and now we have host
that is how we address the deficit. the affordable care act will do that. the congressional budget office said it was going to do that. -- entitysan at city did not taken the health and wellness act. we will have a few hiccups as we go through implementation of the system. we were against the war in iraq. the bottom line, democrats and the minority leader went out and took it to them people in 2003, 4 and five. 2000 61 house and senate back. we tried to warn -- unwind the war in iraq then. to...
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118
Dec 18, 2013
12/13
by
FBC
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eye 118
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some of that has to do with the fact japan is running deficits. moving modestly higher earlier in the day, shooting up after the announcement. gold at the moment down about $6. we bring in allen, with what jumps out at him. and what future cuts might look like with nicole petallides, commodities at the nynex. was it the right move at the right time? >> i was surprised. i would i say shocked because it was clear what is coming. it feeds me to the second question you asked. it was a little early, if in fact the fourth quarter would come in strongly, we don't know that. if in fact other labor market indicators besides the unemployment rate, which has been doing great, going to start looking better, than it was the right move. we know employment rate has been going down substantially because of people dropping out of the workforce. dissenting from basically those reasons, i would have preferred to wait. liz: let's just make one point, professor. bernanke said if the economy slows, we will skip a meeting or two of tapering, right? >> and i think there
some of that has to do with the fact japan is running deficits. moving modestly higher earlier in the day, shooting up after the announcement. gold at the moment down about $6. we bring in allen, with what jumps out at him. and what future cuts might look like with nicole petallides, commodities at the nynex. was it the right move at the right time? >> i was surprised. i would i say shocked because it was clear what is coming. it feeds me to the second question you asked. it was a little...
151
151
Sep 21, 2013
09/13
by
KQED
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eye 151
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he's worried about long-term deficits, not short term. would be bad enough. on top of that they have to figure out are you guys going to the whole thing and will there -- will away be asked to up the pieces of the dysfunction in congress. represents on one hand keeping the things the way they are but on the other hand be a course change for with we've seen before from especially the republicans in senate who have aid they want to cut spending and make big changes. >> the problem is you can't make policy when you are crisis to crisis. the making of policy could happen if they were actually passing budgets. but they are passing these short-term continuing a olutions, some only for couple of months at a time. we have not oversy discussed is where the spending levels get set. at the sequester leve levels. cuts. across the board >> that everybody hated. that was stupid and machete like whatever. so, democrats -- and you have some democrats saying we don't like the spending levels. we would like them higher but nobody is talking about budget funding priorities in a
he's worried about long-term deficits, not short term. would be bad enough. on top of that they have to figure out are you guys going to the whole thing and will there -- will away be asked to up the pieces of the dysfunction in congress. represents on one hand keeping the things the way they are but on the other hand be a course change for with we've seen before from especially the republicans in senate who have aid they want to cut spending and make big changes. >> the problem is you...
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119
Jun 22, 2013
06/13
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CNNW
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eye 119
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. >> while the bulk of this deficit was being amassed, i didn't hear them say boo. >> reporter: just like the senate of the roman empire, the u.s. economy is divided among itself. a brand new cnn poll shows just 16% of americans approve of how they're handling their job. it begs the question, even when we see signs of a recovery taking hold, are we really just rome before the fall? and that is a question glen hubbard is uniquely qualified to answer. he's the former chairman of george bush's national advisers and currently at the grad school of business. he wrote a book called "balance." glen, do you see parallels? >> there are parallels. great powers stumble when their politics don't keep up with economics and they turn inward. in the book, a number of u.s. case studies. the u.s. can get out of this, but it involves fixing the policies you talked about. >> how do you fix it? >> there are two tracks. one, we have to have more political ideas rather than just having the republican and democratic parties having a monopoly on discourse. and we'll have to change the budget rules. those bi
. >> while the bulk of this deficit was being amassed, i didn't hear them say boo. >> reporter: just like the senate of the roman empire, the u.s. economy is divided among itself. a brand new cnn poll shows just 16% of americans approve of how they're handling their job. it begs the question, even when we see signs of a recovery taking hold, are we really just rome before the fall? and that is a question glen hubbard is uniquely qualified to answer. he's the former chairman of...
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Mar 3, 2013
03/13
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it's bad to have a deficit. franklin roosevelt railed against the budget deficits of herbert hoover, for example. but if you look one level lower at the polling data, you also see that with a single exception of spending on international affairs, foreign aid, single exception, americans oppose every single thing that might reduce the deficit. any tax you name, any piece of spending other than fortune aid. foreign aid. and the plurality of americans and typically the majority of americans is against it. so it's a strong lip service aversion to deficit, and the response to this crisis did blow up the deficit to levels that we never imagined possible. and that certainly didn't do it any good. and then, finally, most controversially -- and i'm sure the president of the united states doesn't agree with this -- but in my view, it wasn't just that he didn't focus like a laser beam on the economy. remember the old bill clinton strategy, saying in 1992 when the economy was nowhere near as bad as the one barack obama inhe
it's bad to have a deficit. franklin roosevelt railed against the budget deficits of herbert hoover, for example. but if you look one level lower at the polling data, you also see that with a single exception of spending on international affairs, foreign aid, single exception, americans oppose every single thing that might reduce the deficit. any tax you name, any piece of spending other than fortune aid. foreign aid. and the plurality of americans and typically the majority of americans is...
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Feb 28, 2013
02/13
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FBC
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let's have a budget cut and start working on this debt and deficit. my boys don't want to see that mess. my grandchildren don't want to see it. neil: that seems very obvious. thank you so much for stopping by. very good stuff. very good reminders. reminders for everybody. thank you very much. >> thank you, i appreciate it. neil: and obama confidence that his colleagues are focusing on something else. something that the white house critics are missing. that is coming up next. neil: my next guest says they have done pretty well under this president. the dow jones is knocking at the door of an all-time record. barack obama is wall street sons doing, his confidante and classmate. robert, it is very good to have you as always. neil: what do you make of this? are we still leery of this president? >> i think that looking forward probably has aligned more than the pastors would be a pro-immigration reform. they absolutely want corporate tax reform. they don't want the debt ceiling as part of the negotiation. if you look at where he is going over the next few
let's have a budget cut and start working on this debt and deficit. my boys don't want to see that mess. my grandchildren don't want to see it. neil: that seems very obvious. thank you so much for stopping by. very good stuff. very good reminders. reminders for everybody. thank you very much. >> thank you, i appreciate it. neil: and obama confidence that his colleagues are focusing on something else. something that the white house critics are missing. that is coming up next. neil: my next...
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Feb 28, 2013
02/13
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federal deficit is around 700 or 800 billion right now. does the number 85 billion a month sound familiar? it's basically they are printing enough to lend them to the federal government. >> don luskin that sounds like a latin style central bank policy. do you agree with mr. morris? >> yeah. i kind of do to be honest with you. the fed unfortunately has started using fiscal instruments to carry out monetary policy. it's lost its independence. it's going to be v-very difficult for the fed to get out of this. they have to find somebody to buy these products. >> up don't think there's any upside to stocks? i beg to differ. i think profits are good. fed easy money not my favorite thing in the long run. what about budget cuts don luskin. >> i am for budget cuts but please forgive me for pointing out this contradiction you can't out of one side of your mouth and not say this isn't budget cuts and say the stock market is going up because they are budget cuts. >> they are smaller growth rates. you're right. i made the same point myself. got to get o
federal deficit is around 700 or 800 billion right now. does the number 85 billion a month sound familiar? it's basically they are printing enough to lend them to the federal government. >> don luskin that sounds like a latin style central bank policy. do you agree with mr. morris? >> yeah. i kind of do to be honest with you. the fed unfortunately has started using fiscal instruments to carry out monetary policy. it's lost its independence. it's going to be v-very difficult for the...
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Sep 17, 2013
09/13
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as i said before, the deficits are falling fast. the only way to make further long-term progress on deficit reduction that doesn't slow growth is with a balanced plan that includes tax loopholes and benefit corporations and the wealthiest americans at the expense of the middle class. it's the only way to do it. they said they wanted entitlement reform. but the leaders haven't put forth serious ideas that wouldn't devastate social security. i put forward ideas for sensible reforms for medicare and social security and haven't gotten a lot of feedback yet. they wanted tax reform. remember, this is just a few months ago, they said, well, this is going to be one of the top priorities, tax reform. six weeks ago, and simply fizs it for small business owners as long as we use some of the create good jobs and middle class folks who work in these businesses. my position is folks in this town want a grand bargain, how about a grand bargain for middle class jobs. i put forward ideas for tax reform. i haven't heard back from them yet. congress h
as i said before, the deficits are falling fast. the only way to make further long-term progress on deficit reduction that doesn't slow growth is with a balanced plan that includes tax loopholes and benefit corporations and the wealthiest americans at the expense of the middle class. it's the only way to do it. they said they wanted entitlement reform. but the leaders haven't put forth serious ideas that wouldn't devastate social security. i put forward ideas for sensible reforms for medicare...
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Nov 16, 2013
11/13
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i recognize the importance of the objective of putting the deficit and debt on a sustainable path. congress is worried about that and i think it is important to do so. some of the near-term reductions in spending that we have seen have certainly detracted from the momentum of the economy and from demands. it makes it harder for the fed to get the economy moving and make our path -- and it makes our path more difficult. it would be helpful going forward if it were possible for deficit reduction efforts to focus on achieving gains in the medium-term horizon. those aspects of fiscal policy that give rise to concern about sustainability in the medium- term, while not detracting from the impetus that we need to keep financial recovery moving forward. >> such a fiscal policy would help you in terms of what we all anticipate is the point at which you have to begin your tapering. basically this balance would allow you more flexibility and more confidence that when you start to taper, it will lead to a reverse in the economy. >> that is fair senator. we are worried about a financial recover
i recognize the importance of the objective of putting the deficit and debt on a sustainable path. congress is worried about that and i think it is important to do so. some of the near-term reductions in spending that we have seen have certainly detracted from the momentum of the economy and from demands. it makes it harder for the fed to get the economy moving and make our path -- and it makes our path more difficult. it would be helpful going forward if it were possible for deficit reduction...
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Feb 28, 2013
02/13
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let's have a budget cut and start working on this debt and deficit. my boys don't want to see that mess. my grandchildren don't want to see it. neil: that seems very obvious. thank you so much for stopping by. very good stuff. very good reminders. reminders for everybody. thank you very much. >> thank you, i appreciate it. neil: and obama confidence that his colleagues are focusing on someing else. something that the white house critics are missing. that is coming up next. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. neil: my next guest says they have done pretty well under this president. the
let's have a budget cut and start working on this debt and deficit. my boys don't want to see that mess. my grandchildren don't want to see it. neil: that seems very obvious. thank you so much for stopping by. very good stuff. very good reminders. reminders for everybody. thank you very much. >> thank you, i appreciate it. neil: and obama confidence that his colleagues are focusing on someing else. something that the white house critics are missing. that is coming up next. ♪ [ male...
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Mar 4, 2013
03/13
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he would like long-term deficit reduction that addresses social security and medicare which crushed us when the baby boom starts retiring. he doesn't want a lot of money coming out of the economy now. >> what should we do with your money today. >> you want to find places in this great big world where the tourniquet is released. you're going to have monetary and fiscal accelerator pressed to the floor in japan. you want to own japanese equities. secondly, you want to look at mexico. they are basically going to release the straight jacket they have had an the energy sector. that's why you're drillers. you can play it through mexican equities, the big u.s. drillers. you want to buy your u.s. global guerillas which we talked about which are the u.s. multinationals that sell at attractive valuations that have fortress-like balance sheets, pay dividends and global management focus. that's what you want. >> thank you so much. great conversation. ben white, david darst. up next "on the money," the changes at home and abroad due to sequester cuts and what the administrators go through to carry
he would like long-term deficit reduction that addresses social security and medicare which crushed us when the baby boom starts retiring. he doesn't want a lot of money coming out of the economy now. >> what should we do with your money today. >> you want to find places in this great big world where the tourniquet is released. you're going to have monetary and fiscal accelerator pressed to the floor in japan. you want to own japanese equities. secondly, you want to look at mexico....
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Oct 10, 2013
10/13
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we have cut the deficit in half. i think everyone understands we have a lot of work to do to rebuild the middle class, but we have made progress. we should not do anything to threaten that progress. this has made a difference to millions of americans. we can thank the extraordinary resilience of the american people. we can think that dynamism of our businesses. a lot of it has to do a choices we have made to create more jobs and growth. one of the most important contributors to this whole process has been the fed reserve under the strong leadership of ben bernanke. for nearly eight years, ben has led the fed through some of the most daunting and economic challenges of our lifetime. he has made it clear that he intends to finish his service as chairman at the end of his term, which is this january. i want to take a minute to pay tribute to ben for his extraordinary service. buti want to announce my choice for the next chair of the fed reserve. one of the nation's foremost economists and policymakers, current vice chai
we have cut the deficit in half. i think everyone understands we have a lot of work to do to rebuild the middle class, but we have made progress. we should not do anything to threaten that progress. this has made a difference to millions of americans. we can thank the extraordinary resilience of the american people. we can think that dynamism of our businesses. a lot of it has to do a choices we have made to create more jobs and growth. one of the most important contributors to this whole...
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Jul 6, 2013
07/13
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the congressional budget office will tell you the deficit will be smaller, come down between 2.5%, 3.5% in 2015 but goes back up again. the entitlement explosion lies beyond that horizon and we do not have even the beginnings of an answer to the question of what we do about that. if we do nothing the problem gets worse and ultimately what it means and this is a central argument of my book "the great degeneration" is that the next generation is going to be clobbered by much higher taxes plus probably also far fewer entitlements than the baby boomers. that's the reality of fiscal policy and nothing that has happened including the sequester fundamentally changes that. >> you talk about this next generation, almost as if america in some cases is eating its young, when you look at the high student loan debt, the fact that so many kids are underemployed, all of these majors at one time would have been a path to middle class life are not anymore. the kids are underemployed. they're not even working in jobs. >> right. >> large share of graduates are not working at jobs that require a college ed
the congressional budget office will tell you the deficit will be smaller, come down between 2.5%, 3.5% in 2015 but goes back up again. the entitlement explosion lies beyond that horizon and we do not have even the beginnings of an answer to the question of what we do about that. if we do nothing the problem gets worse and ultimately what it means and this is a central argument of my book "the great degeneration" is that the next generation is going to be clobbered by much higher...
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Jul 20, 2013
07/13
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deficits have remained somewhat high because of where we are in the cyclical recovery. >> keith, let me ask you, with all of these, i guess, macro and global issues, should people be more worried about when to kbge out of this dream run or how to get in if they're not in already? it's an interesting time to talk about your position in the stock market and in these big asset classes. >> the reality is people are along two big asset classes, stocks and bonds. so you get out of bonds and you have these pullbacks in stocks. i like to buy them on 3 to 6% pullback, so if you missed it, you missed it. you have to get over it and get on with your life. if you get back to what bernanke is really doing here, i think to a degree it's fear-mongering itself. washington is actually scared of growth. for him to blame policymakers, if he just fwot ogot out of the and got on with it, if the tapering got on with it, the dollar would strengthen, interest rates would rise just like we saw in the 1980s and 1990s and people wouldn't spend their day just being worried. that's a central issue we need to get
deficits have remained somewhat high because of where we are in the cyclical recovery. >> keith, let me ask you, with all of these, i guess, macro and global issues, should people be more worried about when to kbge out of this dream run or how to get in if they're not in already? it's an interesting time to talk about your position in the stock market and in these big asset classes. >> the reality is people are along two big asset classes, stocks and bonds. so you get out of bonds...
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Jul 11, 2013
07/13
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we're three-quarters through fiscal year 2013 and year-to-date the deficit has come in at 510 billion down from 904 billion in the same period of last fiscal year a reduction of $400 million. part of that is due to the higher payroll taxes kicking in january 1st combined with lower spending from the sequestered. budget experts were on the lookout for the one time item a dividend payment of $60 billion from three in may and freddie mac to the treasury said there is a big chunk of that in another case because june 1st was on the saturday certain government payments that would have been made in june were baited day reducing outlays in june by 34 billion so there is 100 billion in deficit reduction right there. liz: i am glad that you clarified it is not the best or the worst the closing bell rings it 49 minutes microsoft makes a big announcement to redo all lot we're just minutes away from the steve ballmer to conference call about the huge shake up every top manager will be doing something different. we will let you decide if you want to on the stock. doubles are riding the bernanke bal
we're three-quarters through fiscal year 2013 and year-to-date the deficit has come in at 510 billion down from 904 billion in the same period of last fiscal year a reduction of $400 million. part of that is due to the higher payroll taxes kicking in january 1st combined with lower spending from the sequestered. budget experts were on the lookout for the one time item a dividend payment of $60 billion from three in may and freddie mac to the treasury said there is a big chunk of that in another...
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Aug 12, 2013
08/13
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there's a lot of fighting is going to happen with the budget and deficit taking up a lot of oxygen but the coast is clear, it never makes sense. we have to stay the course and not worry. it is baked into the market right now. gerri: the last time we had this big debate over money in washington stocks went through the floor. is that going to happen again? >> i think there are a number of other factors you have to consider. the number of stocks trading above or below the 50 day moving average. the internals are rotten, we have had margin debt reaching its peak in april which has been in decline since may. if we are looking at sort of the market language, it is already telling us what it is september, october, november we are in extreme peril. i would disagree strongly. gerri: what kind of a correction are you expecting? >> i think a 20% correction would be about normal. 20, 25% chance of it being 30 or 40%. i don't know that we will preach at 10,000, but it would not come as a surprise keep in mind how dependent the markets are on speech from the fed. gerri: does david have it right? >>
there's a lot of fighting is going to happen with the budget and deficit taking up a lot of oxygen but the coast is clear, it never makes sense. we have to stay the course and not worry. it is baked into the market right now. gerri: the last time we had this big debate over money in washington stocks went through the floor. is that going to happen again? >> i think there are a number of other factors you have to consider. the number of stocks trading above or below the 50 day moving...
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Jun 22, 2013
06/13
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they pitched it as being free and it would reduce the deficit. we said it wouldn't and now they want more funding for what is this for the irs. the irs, we had three congressional committees investigating it and the justice department. who is going to police them? drones from the president and eric holder? you have to give me a break. nothing is free. we're starting to pay for it. >> but the gop couldn't kill obama care. they couldn't vote it down. is this right to try to starve it by keeping funding away? >> they have tried. no, you have to pay for it. don't like it, get the votes to kill it, but don't approve something and then -- and the way they're thinking about starving it doesn't even make any sense. we all hate the irs and they waste a lot of money 00 -- >> you've never said it that on the show before. you're worried about the audit. >> no, i love the irs. everybody else doesn't like it. but if you cut a -- look, this health care thing is very complicated and difficult. that's one of its problems. the irs has a key role unfortunately to l
they pitched it as being free and it would reduce the deficit. we said it wouldn't and now they want more funding for what is this for the irs. the irs, we had three congressional committees investigating it and the justice department. who is going to police them? drones from the president and eric holder? you have to give me a break. nothing is free. we're starting to pay for it. >> but the gop couldn't kill obama care. they couldn't vote it down. is this right to try to starve it by...
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Mar 4, 2013
03/13
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he would like to see long-term deficit reduction, addresses social security and medicare which crushes us when the baby boom retires. but he doesn't want to see a lot of money come out it right now. >> in the face of all of this, david, what should we do with our money today? >> wow want to find places in this great big world of ours where the is being released. you want to own some japanese equities. secondly, is you want to look at mexico. and they are basically going to release the straitjacket that they've had on their energy sector. that's why your drillers, so you can play that through mexican equities, play it through the big u.s. drillers. you want to buy your u.s. global gorillas which we talked a many times, which are the u.s. multinationals that sell at relatively attractive valuations, pay good dividends, global management focus. that's what you want to be looking at. >> gentlemen, thank you so much. great conversation. appreciate your time today. >>> up next "on the money," the changes ahead at home and abroad due to the sequester cuts and a look at what the administrators
he would like to see long-term deficit reduction, addresses social security and medicare which crushes us when the baby boom retires. but he doesn't want to see a lot of money come out it right now. >> in the face of all of this, david, what should we do with our money today? >> wow want to find places in this great big world of ours where the is being released. you want to own some japanese equities. secondly, is you want to look at mexico. and they are basically going to release...
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Mar 5, 2013
03/13
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not a hysterical deficit hawk but a deficit hawk. >> rose: you will become a deficit hawk when we have a strong economy. define for you a strong economy. is that g.d.p. growth of 4%? >> it's not growth. unemployment rate low enough that the fed is interesting rates to head off inflation. as soon as we're out of the liquidity trap where the fed has got its pedal to the metal. >> rose: so when the fed raises the interest rates to avoid inflation that's when the economy is good shape? >> no, that's when you can make a deal. the fed will hold off on the interest rate hikes. that way it doesn't depress the economy. >> you would start dealing with the debt immediately. you would go in and fix entitlement reform. yes? what would you do immediately to the debt? >> you want to get the parties talking. you want to get the white house, you want to get congress talking and talk about what's going to have to be done to address medicare, to address medicaid, to address social security which is less of a problem. and my belief is -- my concern about the crisis-- like bob rubin said, you never know wh
not a hysterical deficit hawk but a deficit hawk. >> rose: you will become a deficit hawk when we have a strong economy. define for you a strong economy. is that g.d.p. growth of 4%? >> it's not growth. unemployment rate low enough that the fed is interesting rates to head off inflation. as soon as we're out of the liquidity trap where the fed has got its pedal to the metal. >> rose: so when the fed raises the interest rates to avoid inflation that's when the economy is good...
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Dec 18, 2013
12/13
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WUSA
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. >> the two year agreement cuts the deficit $23 billion over the next decade, and replaces some of the across-the-board spending cuts known as the sequester with targeted cuts. >> please don't use our retirement, the military retirement that's been promised to us. find it somewhere else. >> lisa wants senators to vote against the bill because it cuts some retirement benefits for military veterans. >> my husband went to war on the fact that he was promised that money in return when he got back. >> some republicans and democrats say even if the budget passes, they will fight to restore the retirement benefits. >> how far have we fallen? do we have no shame? >> democratic senator patty murray says without this agreement, there would be big cuts to the department of defense. >> meaning furloughs and layoffs and a threat to our national security. >> president obama says he will sign the bill if it passes. tara mergeiner, cbs news washington. >> if the budget passes it will be the first signed into law since 2009. >>> well there's a lot of waits that could be cut, are bat ic squirrels, a few
. >> the two year agreement cuts the deficit $23 billion over the next decade, and replaces some of the across-the-board spending cuts known as the sequester with targeted cuts. >> please don't use our retirement, the military retirement that's been promised to us. find it somewhere else. >> lisa wants senators to vote against the bill because it cuts some retirement benefits for military veterans. >> my husband went to war on the fact that he was promised that money in...
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Jun 22, 2013
06/13
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they had come so far since the deficit of the recession. if there's lot of volatility and fed getting how does someone with a retirement account like that protect themselves? >> that's a very good question. 401(k) retirement plans are designed to accumulate and grow wealth. it's the investments in them assuming they have low fees and the ideas that most of the investments inside your plan are designed to grow wealth tax deferred. if you're getting closer to retirement one of the things you want to do in the market up is rebalance so you have the appropriate amount in the stock funds. since there are not a lot of places to hide -- you don't want to be in bonds when rates are rising -- it's important to save outside your 401(k) plan. that can be in cash. bank deposits pay little but that offsets the risk and the opportunity for growth that's designed to be inside your plan. that doesn't mean you get out of your plan. it doesn't mean you stop contributing. it means you save more in addition to those stock market funds. >> save more, save more,
they had come so far since the deficit of the recession. if there's lot of volatility and fed getting how does someone with a retirement account like that protect themselves? >> that's a very good question. 401(k) retirement plans are designed to accumulate and grow wealth. it's the investments in them assuming they have low fees and the ideas that most of the investments inside your plan are designed to grow wealth tax deferred. if you're getting closer to retirement one of the things...